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Rosetta Revises Deal with Precision to Co-market miRview mets2

NEW YORK (GenomeWeb News) – Rosetta Genomics announced after the close of the market on Tuesday that it has revised its co-marketing deal with Precision Therapeutics.

Under the revised terms, reached on Oct. 11, Rosetta grants Precision co-exclusive rights to market the miRview mets2 assay in the US. Once a minimum number of tests ordered through Precision is reached in a given month, Rosetta will pay Precision a flat monthly fee, a Rosetta spokesperson said.

Rosetta will record all revenues for miRview mets2 and is responsible for sample collection, processing, and billing.

Under the original contract reached in July, Precision was paid on a per test basis by Rosetta.

The new contract also changes the terms under which Rosetta may terminate the contract by eliminating specified sales milestone. If Precision did not reach those milestones, under the original contract, Rosetta had the right to end the agreement.

The new deal took effect on Sept. 1 and has an initial term of one year and automatically renews for an additional year. Further terms were not disclosed.

The miRview mets2 assay is a microRNA-based assay for identifying the tumor of origin in cancers of unknown or uncertain primary.